Missouri Revised Statutes Title XXIV. Business and Financial Institutions § 376.677. Life policies may be issued that have no cash surrender value prior to death--no policy loans so law regulating not applicable--requirements to issue

1. Notwithstanding any provision of section 376.670, to the contrary, after September 28, 1987, a company may issue policies of life insurance which differ from its existing or currently filed policies only in that they do not provide for any cash surrender value prior to the death of the life insured. If a policy provides for any cash surrender value, endowment, or pure endowment prior to the death of the life insured, this exemption shall not apply. Any policy without cash surrender values, for which one or more cash surrender values would otherwise have been required, shall contain on its first page a concise, exact description set out in contrasting type at least four points larger than used in the body of that page a statement in a prominent place that such values are not provided and that no policy loans are available under the policy. The company shall provide to each prospective purchaser of such a policy a policy summary, the form of which shall be filed for approval pursuant to section 376.675, which includes the same description as the policy, similarly displayed, and which shows the premium said company charges for the same policy when cash surrender values are included. Such policy summary shall be delivered before any premium is accepted.

2. Except for the requirement of payment upon surrender, the nonforfeiture amounts for such policies shall be subject to all provisions of chapter 376, which apply to the cash surrender values of otherwise similar life insurance policies with cash surrender values.

3. The insurance laws of this state relating to policy loans shall not apply to policies which do not provide cash surrender values.